Gas prices finally start to taper off

Submitted

Mon, May 7th 2018 02:55 pm

Motorists are paying highest prices since 2014

By AAA of Western and Central New York

Today's national average price for a gallon of gasoline is $2.81, which is the same as one week ago. One year ago, the price was $2.35. The New York state average is $2.95, which is up one cent from last Monday. A year ago, the state average was $2.52.

AAA Western and Central New York (AAA WCNY) reports the following averages:

Batavia - $2.86 (up 1 cent in past week)

Buffalo - $2.87 (up 4 cents in past week)

Ithaca - $2.91 (up 1 cent in past week)

Rochester - $2.88 (up 1 cent in past week)

Rome - $2.94 (no change in past week)

Syracuse - $2.92 (no change in past week)

Watertown - $2.97 (up 2 cents in past week)

Gas prices around the country have creeped up, mostly due to continuing efforts to switchover stocks to the more expensive summer blend to meet federal mandates by June 1. Geopolitical events, decreased global supply/OPEC cuts, expensive crude oil, record U.S. production and high demand have all contributed toward driving up gas prices since January.

Meanwhile, for the second week in a row, demand has been flat at 9.09 million b/d (barrels per day). The demand estimates from the past two weeks have been more in line with the usual spring driving season than the nearly 9.9 million b/d estimate reported in the middle of April - a record-breaking figure that more closely resembles demand rates seen during the high-demand summer driving season. Expect prices to increase for Memorial Day travel then taper off. Demand will determine prices this summer.

Motorists can always find current gas prices along their route with the free AAA mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Locate gas prices across the country at http://gasprices.aaa.com.

AAA WCNY wants to remind members they can receive discounts at NOCO gas stations, as well as Fastrac locations. Learn more HERE. One can find the lowest prices in the area at http://aaa.opisnet.com/index.aspx.

As upstate New York's largest member services organization, AAA provides more than 870,000 members with travel, insurance, financial and automotive-related services. Since its founding in 1900, AAA has been a leading advocate for the safety and security of all travelers. Visit AAA at www.AAA.com.